Even with the best planning, unexpected events can push your retirement savings off track. Divorce, job layoffs, and business setbacks are just a few common obstacles that can cause us to fall behind on savings. The sooner you can give your retirement savings a boost, the easier it will be to get back on the right path.
Give Your Retirement Savings a Boost
Review your accounts for unnecessary spending. Look for automatic charges from online subscriptions, credit cards, and other services you no longer need or use. Often, people aren’t even aware they’re still being charged for such services, and all those fees can add up.
Review insurance policies for possible savings. When our lives change, so do our insurance needs. There may also be new opportunities to bundle your policies (home, auto, life, et al.), which lets you maintain existing coverage for a lower combined premium. Click here to read about how to compare auto insurance.
Reconsider your other methods of saving. Qualified retirement plans generally allow you to save more money than nonretirement accounts because of their associated tax savings. If you have more than six months’ worth of expenses saved in your emergency account, consider moving the excess funds into a retirement account.